Internet of Things (IoT) Security Market Worth 36.95 Billion USD by 2021

A new report released today by Markets and Markets points to a surging Internet of Things (IoT) security market as concern grows for protecting utilities, smart grids, and manufacturing facilities

According to a new market research report "Internet of Things (IoT) Security Market by Technology (Network, Cloud and Application Security, Identity Access Management, Threat Intelligence, UTM, IDS/IPS, Device Management, Encryption), Industry Vertical and Application - Global Forecast to 2021"published by MarketsandMarkets, The IoT Security Market is estimated to grow from USD 7.90 Billion in 2016 to USD 36.95 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 36.1%.

The major forces driving the IoT security market are rise in security concerns for critical infrastructures such as utilities, smart grids, and manufacturing facilities and stringent regulations and compliance requirements. Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs, thereby leading organizations to shift towards the deployment of cloud-based security solutions.

IAM solution is expected to be the most promising solution segment during the forecast period 

Identity Access Management (IAM) solutions provide a security structure and allow the management of user identity and related access permissions in an automated fashion and hence is expected to hold the largest share of the IoT security solutions market. The solution includes components such as provisioning, directory technologies, password management, single sign on, advanced authentication, and audit. Risk over maintenance of sensitive data, increased spending pattern over security solutions, and enhanced enterprise mobility are the drivers for the growth of IAM.

Cloud security is expected to grow at the most promising rate 

Cloud security addresses security across the different service models of software, platform, and infrastructure. The cloud services are on demand for sensitive data storage. Furthermore, the popularity of cloud-based software delivery and extensive use of cloud in IAM, encryption, and managed security services are also driving this market towards innovation. Application security is expected to grow at the next best CAGR during the forecast period.

APAC to witness the highest growth rate in the Internet of Things (IoT) Security Market

During the last decade, the Asia-Pacific (APAC) region has undergone tremendous economic growth, political transformation, and social change. Owing to the sophistication of threats, countries such as India, Japan, andSingapore have all updated or launched new national security policies. Factors such as continual growth in mobile workforce, increasing complexity of businesses, unregulated nature of Internet, and growth in the adoption of BYOD, which in turn comes up with strong security requirements, are now expected to push large as well as Small and Medium Businesses (SMBs) to adopt various security solutions.

Furthermore, the Internet of Things (IoT) Security Market remains competitive with the presence of a large number of vendors. The major vendors in the IoT security market are Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec, and Check Point Technologies, among others. The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their market share.

Source: PR Newswire